If you are a business owner in America, you have a number of things on your plate. If you are like me, you entrust finer financial details to a Certified Public Accountant (CPA).
My scenario is this: a company doing under 2 million dollars of gross each year from multiple entities with six employees. I rely on my CPA like a financial Yoda. He knows everything about the finances of my companies and their accompanying real estate. He is responsible for knowing the tax code and the efficacy, and legality, of deductions, exemptions, and red flags in a constantly changing Internal Revenue Code. He tells me when I can lease a car, when it would not be prudent, when my accounts receivable are too large, and when I am on task. In short, the guy is a rock star; not like a Nikki Sixx rock star, but like a Mick Jagger rock star.
And I am, obviously, not his only client.
How can CPAs keep so many different clients from different industries on task and in line?
I created Magilla with this in mind: to give the CPAs of the world a tool to obtain business loans in a faster, more efficient manner for their clients. I was tired of carrying tax returns, personal financial statements, and balance sheets under my arms to bank after bank in search of the right lender for my business loans. It took me an inordinate amount of time doing something other than what I needed to be doing... focusing on running my business. I asked my CPA if he could recommend a better way. He could not. So, I explained to him how I felt that this process should be online; maybe not the transcribing of all your personal and business data because I was wary of the security issues on the Internet. But, what if, I could at least see proposals from competing banks and make a choice based on whatever I deemed important: relationship with banker, lowest rate, closing costs, whatever? This is exactly why my platform was created.
Now, do not get me wrong, you, or your CPA, will still have to gather all of your pertinent information together to submit to a bank, but you should only have to do this one time to close a loan. The privacy of your financial life should not have to be shared with multiple banks.
So, if you're like me and you have a rock star for a CPA, let him know he has another arrow in his quiver. If your CPA is a rock star in training, tell them to start using Magilla to help their clients find the best banker with whom to work.
This post originally appeared on The Whole Magilla and was co-written with Chris Meyer, co-founder of MagillaLoans.com.